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Presentation/PPT
27/08/2022
When the direct method is used to record inventory at marketa. there is a direct reduction in the selling price of the product that results in a loss being recorded on the income statement prior to the sale.b. a loss is recorded directly in the inventory account by crediting inventory and debiting loss on inventory decline.c. only the portion of the loss attributable to inventory sold during the period is recorded in the financial statements.d. the market value figure for ending inventory is substituted for cost and the loss is buried in cost of goods sold.Recording inventory at net realizable value is permitted, even if it is above cost, when there are no significant costs of disposal involved anda. the ending inventory is determined by a physical inventory count.b. a normal profit is not anticipated.c. there is a controlled market with a quoted price applicable to all quantities.d. the internal revenue service is assured that the practice is not used only to distort reported net income.In 2006, Lucas Manufacturing signed a contract with a supplier to purchase raw materials in 2007 for $700,000. Before the December 31, 2006 balance sheet date, the market price for these materials dropped to $510,000. The journal entry to record this situation at December 31, 2006 will result in a credit that should be reporteda. as a valuation account to Inventory on the balance sheet.b. as a current liability.c. as an appropriation of retained earnings.d. on the income statement.Which of the following is not a basic assumption of the gross profit method?a. The beginning inventory plus the purchases equal total goods to be accounted for.b. Goods not sold must be on hand.c. If the sales, reduced to the cost basis, are deducted from the sum of the opening inventory plus purchases, the result is the amount of inventory on hand.d. The total amount of purchases and the total amount of sales remain relatively unchanged from the comparable previous period.
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